Did you know? It’s STILL a Seller’s Market.
What does that even mean?! We can gauge who has more power in negotiations based on one simple thing. If no more homes were listed tomorrow—— how long would it take to sell ALL the homes currently available?
This is “months of inventory”. Here’s how the power breaks down:
0-2 months of inventory defines a Seller’s Market
2-4 months defines a Balanced Market
and 4+ months a Buyer’s Market.
We ended May with 1 month of inventory in Whatcom County and currently, month-to-date, we sit at 2.6 months. In Skagit County, we ended May with 0.9 months, and currently, month-to-date, we sit at 1.6 months.
I’ll be keeping a close eye on these stats over the next few weeks- but we sure can feel this slight shift in more homes available with buyers having more power! The influx of inventory indicates we are headed toward a balanced market, but we are still experiencing a seller’s market. This is an adjustment from the severe low levels of inventory we have had for many years. Sellers are still selling, but it is taking longer and buyers have much more selection. Opportunities abound in a changing environment, please reach out if you have any questions.